Page 253 - DECO402_MACROECONOMIC_THEORY_HINDI

bdkbZµ24% O;kikj pozQ % ifjHkk"kk ,oa izdkj

4- fofHkUu vFkZ'kkfL=k;ksa us ^O;kikj&pØ* dks fofoèk :iksa esa fd;k gSµ uksV
(v) mn~?kkfVr (c) ifjHkkf"kr
(l) laHkkflr (n) buesa ls dksbZ ughaA
5- ik'pkR; vFkZ'kkL=kh bl fu"d"kZ ij igq¡prs gSa fd tqXyj pØ dh vofèk vkSlru gksrh gSµ

(v) lk<+s ukS o"kZ (c) lk<+s lkr o"kZ
(l) lk<+s ckjg o"kZ (n) lk<+s ik¡p o"kZA

6- Hkou lacaèkh pØksa dh vofèk cgqr vfèkd gksrh gSµ
(v) vfu;fer (c) fu;fer
(l) nh?kZ (n) y?kqA

24-4 gkVsª dk O;kikj&pØ dk eqæk fl¼kar

(Hawtrey’s Monetary Theory of the Trade Cycle)

izks- vkj- th- gkVsª (R.G. Hawtrey) osQ vuqlkj] ¶O;kikj pØ ,d furkar ekSfæd leL;k gSA¸ ;g O;kikfj;ksa dh
vksj ls eqæk dh ek¡x izokg esa gksus okys ifjorZu gSa ftuosQ ifj.kkeLo:i vFkZO;oLFkk esa le`f¼ rFkk eanh vkrh
gSA mldk er gS fd gM+rky] ck<+] Hkwdai] lw[kk] ;q¼ vkfn xSj&ekSfæd dkj.k] cgqr gqvk rks] vkaf'kd eanh rks
yk ldrs gSa] p<+ko ykrs gSa] ftuls vkxs] mRikndksa rFkk O;kikfj;ksa dh vksj ls eqæk dh ek¡x osQ izokg esa ifjorZu
gksrs gSaA vkt osQ ;qx esa cSad lk[k gh Hkqxrku dk izeq[k lkèku gSA cSa¯dx&iz.kkyh gh C;kt dh nj dks ?kVk ;k
c<+kdj vFkok izfrHkwfr;ksa dks [kjhndj ;k lkSnkxjksa osQ gkFk cspdj lk[k dks c<+krh ;k ?kVkrh gSA blls
vFkZO;oLFkk esa eqæk dk izokg c<+ ;k ?kV tkrk gS vkSj bl izdkj vFkZO;oLFkk esa le`f¼ vFkok eanh vk tkrh
gSA

O;kikj pØ dh izlkj voLFkk rc 'kq: gksrh gS tc cSad mèkkj&lqfoèkkvksa dks c<+k nsrk gSA C;kt dh mèkkj nsus
dh nj ?kVkdj ;k izfrHkwfr;k¡ [kjhndj ;s mèkkj&lqfoèkk,¡ iznku dh tkrh gSaA buls lkSnkxjksa rFkk mRikndksa dks
mèkkj ysus dks izksRlkgu feyrk gSA bldk dkj.k ;g gS fd os C;kt nj esa ifjorZuksa osQ izfr cgqr lpsr gksrs gSaa
blfy, ½.k lLrh nj ij feyus yxrk gS] rks os viuk LVkWd ;k eky c<+kus osQ fy, cSadksa ls mèkkj ysrs gSaA
blosQ fy, os mRikndksa dks cM+s vkMZj nsrs gSa tks vkxs ml c<+h gqbZ ek¡x dks iwjk djus osQ fy, mRiknu osQ vfèkd
lkèku dke esa yxkrs gSaA ifj.kker%] mRiknu osQ lkèkuksa osQ Lokfe;ksa dh ekSfæd vk; c<+ tkrh gS ftlls oLrqvkas
ij O;; c<+ tkrk gSA lkSnkxj ns[krs gSa fd mudk LVkWd [kRe gksrk tk jgk gSA os mRikndksa dks vfèkd vkMZj
nsrs gSaA blls mRiknd lfØ;rk] vk;] ifjO;;] ek¡x esa o`f¼ gksrh gS vkSj lkSnkxjksa dk LVkWd vkSj de gks tkrk
gSA gkVªs osQ vuqlkj] ¶c<+ jgh lfØ;rk dk eryc gS c<+ jgh ek¡x vkSj c<+ jgh ek¡x dk eryc gS c<+ jgh
lfØ;rkA ,d nq"pØ] mRiknd lfØ;rk dk izlkj 'kq: gks tkrk gSA¸

T;ksa&T;ksa izlkj dh lap;h izfØ;k pyrh gS] R;ksa&R;ksa mRiknd dhersa c<+kus yxrs gSaA Å¡ph dherksa ls O;kikfj;ksa
dks vfèkd mèkkj ysus dh izsj.kk feyrh gS] rkfd os vkSj vfèkd ykHk dekus osQ fy, vkSj Hkh vfèkd LVkWd jksd
losaQA bl izdkj] vk'kkokfnrk mèkkj ysus dks izksRlkgu nsrh gS] mèkkj ysus ls foØ; c<+rs gSa vkSj foØ; ls
vk'kkokfnrk c<+rh gSA
gkVªs dk dguk gS fd le`f¼ fujarj ugha pyrh jg ldrhA tc cSad ½.k dk izlkj jksd nsrs gSa rks le`f¼ lekIr
gks tkrh gSA cSad vkSj mèkkj nsus ls blfy, badkj dj nsrs gSa fd muosQ udnh dks"k fjDr gks tkrs gSa vkSj tks eqæk
ifjpyu esa gksrh gS mls miHkksDrk udnh èkkj.kksa osQ :i esa [kik ysrs gSaA nwljk dkj.k ;g gS fd tc ?kjsyw oLrqvkas
dh dhersa cgqr c<+ tkrh gSa ftuosQ ifj.kkeLo:i fu;kZr dh rqyuk esa vk;kr c<+ tkrs gSa] rks fons'kksa dks lksuk

LOVELY PROFESSIONAL UNIVERSITY 247